Tempus: safe as houses – for now at least

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As luck would have it, Berkeley Group put out a reassuring trading
statement on the day that the team of anlysts at Panmure Gordon published a
note suggesting that the share prices of some of the quoted housebuilders,
Berkeley among them, have advanced to a stage that they currently look
significantly overvalued.

Certainly, Barratt Developments and Persimmon were among the best performers
on the stock market last year, with Berkeley performing well too, as our
graph shows.

The shares, up 61p to £20.36 yesterday, are now trading on approaching twice
net asset value, which would seem excessive. There is a